* CSI300 -0.19 pct, SSEC -0.16 pct
* PMI number, new lending rules don’t lift stocks
* Hong Kong closed Tuesday for a public holiday
SHANGHAI, July 1 (Reuters) - China’s major indexes slipped on Tuesday, as early gains for banks on new lending rules were erased and solid manufacturing data failed to help stocks.
Analysts said the positive reading on industrial activity in June had been expected and was already priced in by markets.
Similarly, railway shares ignored a report in the official China Securities Journal saying that China will spend 327 billion yuan ($52.73 billion) on railroads, without giving a timeframe.
The Hong Kong stock exchange was closed Tuesday for a public holiday and will reopen on Wednesday.
At midday, the CSI300 Index tracking the leading Shanghai and Shenzhen A-share listings was down 0.19 percent, and the Shanghai Composite Index down 0.16 percent to 2045.00 points.
Late on Monday, the China Banking Regulatory Commission announced relaxed rules for banks’ loan-to-deposit ratios, a targeted stimulus measure expected by analysts to help lift growth in the world’s second-largest economy.
But like similar measures announced earlier, including cuts to reserve requirement ratios at rural banks, the new rules failed to rally shares. Markets have been hoping for a large-scale sustained injection of liquidity, such as a system-wide cut to reserve requirement ratios.
Such a policy change would increase the base money supply and offset the resumption of initial public offerings, which have pulled from other stocks.
The IPOs have surged. Shares of Guangdong Ellington Electronics Technology Co Ltd on Tuesday rose the regulatory limit up of 44 percent in its trading debut on Tuesday.
Du Changchun, an analyst in Shanghai from Northeast Securities, said the easing banking rules helped stocks in some sectors, but weren’t enough offset weak sentiment.
“Market confidence can’t be boosted right away,” he said.
The Chinext Composite Index, which tracks smaller companies listed on the NASDAQ-like growth broad in Shenzhen, continued its trend of outperforming the major indexs, rising 0.22 percent in the morning. ($1 = 6.2017 Chinese Yuan Renminbi) (Reporting by Pete Sweeney, Chen Yixin and the Shanghai Newsroom; Editing by Richard Borsuk)